MS HB1008

Creates Section 75-9-501.1 to prohibit filing false Uniform Commercial Code records intended to harass, defraud, or lacking authorization under existing commercial or financial transactions.

Authorizes the Secretary of State to review and terminate fraudulent filings upon receiving debtor complaints or when having reasonable suspicion that records violate the prohibition, with a 30-day notice period to the secured party.

Requires the Secretary of State to give heightened scrutiny to records asserting claims against government employees/officers, records where debtor and secured party are substantially the same, records involving transmitting utilities, or public-finance transactions.

Allows secured parties to challenge record refusals or terminations by filing suit in the Chancery Court of the First Judicial District of Hinds County, Mississippi, with successfully reinstated records effective from the original filing date.

Exempts regulated financial institutions from the prohibition and establishes that filing fees are non-refundable; the act takes effect July 1, 2013.